With a coming-of-age recession, rising student loan debt, and a host of other hurdles, buying a home has come more slowly to Millennials than it has for previous generations, but several trends in recent years have enabled the newest generation of adults to finally start realizing the American dream of homeownership. Interest rates have stayed affordable, there's been a growing emphasis on more affordable "starter" homes for young people, and a stronger economy has led to greater financial stability among Millennials.

If you're among the movement of Millennials now considering buying a home, here are a few tips to help you along this exciting journey. 

1. Don't Assume Home Ownership Is Out of Reach
   The traditional wisdom for getting ready to buy a home was to minimize debts, maximize income, and save, save, save. Of course Millennials are navigating a much different landscape than their parents and grandparents did, and as a result, their approach to buying a home has had to change too. While saving for a down payment is still a necessity, lender standards on debt-to-income ratio have relaxed a bit, recognizing the realities of student loan debt.
   
   Also, keep in mind that some areas may make the dream of homeownership more achievable than others. For instance, California real estate may price you out of the market very quickly, but a quick search of Las Vegas homes for sale will show a very different picture.
   
   
2. Start Your Search Online
   Everyone knows that technology is second nature for Millennials, so use this to your advantage. Searching housing listings at 2 am is a convenient way to get started, of course, but there's so much more you can do online: browse reviews, research neighborhoods, check out schools, look up crime rates, and more. You can even "walk" the neighborhood using Google Maps Street View, or do a test "drive" of the commute by checking traffic at peak times.
   
   
3. Look for Homes that Embody Your Values
   Millennials are a frugal generation out of necessity, but they've also established a willingness to vote with their wallets and pay extra when it's something that means a lot to them. Take those principles to your housing search and deliberately look for homes that embody values you're willing to pay top dollar for. For instance, is sustainable living a priority for you? If so, a property that already has a solar power system installed might be particularly appealing. Likewise, if you have chosen to live car-free, you'll likely appreciate a home in an urban community with easy access to shopping, work, and public transportation.
   
   
4. Balance Value vs. Cost
   Millennials may be willing to pay more for something in line with their values, but that doesn't mean they're made of money. Don't be ashamed to pinch your pennies wherever and whenever you can, especially when it enables you to pay more for things that mean something to you. Luckily for all Millennials, housing trends are starting to catch on to these values, and urban developments, smaller "starter" homes, and a variety of more affordable real estate options are beginning to become the norm in many areas.
   
   
5. Take the Leap
   Buying a home is an intimidating step to take, no matter what generation you're from, but it can be particularly challenging for Millennial home buyers. That's why it's important to choose a real estate agent that can help you navigate the process from beginning to end. Contact Wardley Real Estate today and talk to one of our real estate agents to see if the timing is right for you too to become a happy homeowner.